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Financial Literacy Chapter 3 Flashcards | StudBud
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Financial Literacy Chapter 3
Financial Literacy Chapter 3
30 terms
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Flashcards
30 cards
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Questions
30
Answers
1
Putting aside money to go on a spring break trip with friends is an example of sharing.
true
false
2
Fringe benefits include all of the following except
salary
vacation time
sick time
health insurance
3
Your taxable income is based on your total income minus any deductions.
false
true
4
Which is not a type of sharing?
service-learning
none of the answers
charitable giving
philanthrophy
5
Take Home Pay = Net Pay
false
true
6
What describes good work ethic?
calling in if you are sick
all answers
doing all work on time
arriving on time
7
Which of the following does not describe an effective filing system?
logical
complicated
easy to access
easy to use
8
A budget should reflect the three
S's: share, save, spend
R's: realistic and responsible record keeping
S's: simple, specific, and smart
R's: reality, responsibility and restraint
9
W-2 shows the total amt. your employer has withheld from your gross pay & sent to the govn't.
true
false
10
If you spend more that you have in your bank account, you will be charged an _____.
interest fee
late fee
overdraft fee
deduction
11
It is illegal for employers to track employees' computer use on their work equipment.
false
true
12
When setting your financial goals, make sure they are specific, measurable, and _____________.
responsible
realistic
ready to use
restraint
13
Your financial plan should use the ________ system to reflect your values.
Specific Measurable Realistic
Share Smart Save
Share Save Spend
Specific Measurable Responsible
14
Combining community service with your studies is ____.
saving
charitable giving
going to be a lot of work!
service learning
15
A reliable car is a ______; a luxury car is a want.
need
rule
percentage
luxury
16
Using a computer-based money management system, doesn't require a hard-copy record.
false
true
17
If you own a business, you must pay 6.2% of your gross income to Social Security.
true
false
18
Which is not a step in setting up a financial plan?
set up a budget that reflects your values
organize your financial documents
create complex record-keeping system
set and prioritize short- and long-term goals
19
The amount of your paycheck depends on the number of deductions you claim on your Form W-4.
false
true
20
If you are single and do not itemize deductions, you should use _ to file your income taxes.
orm W2
From 1040
Form 1040EZ
Form W-4
21
FICA includes Social Security and Medicare.
true
false
22
When banking online, you will have to enter your username and SS # at the login page.
true
false
23
Which does being a philanthropist require:
going online
owning a business
altruisim
being wealthy
24
Everyone who works must pay
sales tax
property tax
social security tax
none of the answers
25
The fewer exemptions you claim, the more likely it is that you will receive a tax refund.
true
false
26
The more tax allowances you claim on your Form W-4, the larger your paycheck will be.
false
true
27
You will need to use your Form W-2 to file your income tax return.
false
true
28
People who have worked may collect retirement benefits from the Fed. Govn't's SS program.
true
false
29
The length of time for which an employee's wages are calculated on a pay stub is a pay period.
false
true
30
Your bank should request you to update your personal and financial information upon login.
true
false
